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NU Reports Third Quarter Results
PR Newswire
Nov 02, 2009
HARTFORD, Conn., Nov. 2 /PRNewswire-FirstCall/ -- Northeast Utilities (NYSE: NU) today reported earnings for the third quarter of 2009 and reaffirmed its earnings guidance for 2009. The company also provided initial consolidated and business segment earnings guidance for 2010 and provided an updated capital expenditure forecast for the period of 2010 through 2014.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060728/NORTHEASTUTILOGO )
NU earned $64.8 million, or $0.37 per share, in the third quarter of 2009, compared with $72.7 million, or $0.47 per share, in the third quarter of 2008. NU earned $245.3 million, or $1.43 per share, in the first nine months of 2009, compared with $188.9 million, or $1.21 per share, in the first nine months of 2008. Nine-month 2008 results include an after-tax charge of $29.8 million, or $0.19 per share(1), associated with the settlement of litigation in the first quarter of 2008.
"We are pleased with our year-to-date results," said Charles W. Shivery, NU's chairman, president and chief executive officer. "We continue to manage successfully through the difficult economic conditions our region and nation are experiencing by maintaining tight control of our operating costs, even while we continue to invest in the energy infrastructure needed to serve our customers and our region. Although third quarter results were lower than they were in 2008, they were consistent with our expectations and we continue to be comfortable with our full-year projection of $1.80 to $1.90 per share."
Shivery said the decline in third-quarter results from 2008 had been anticipated in the company's earnings guidance. It resulted largely from the impacts of the economic downturn and mild summer weather and the absence of the benefits to third-quarter 2008 earnings of both the resolution of various income tax matters and mark-to-market gains in NU's competitive businesses.
2010 earnings guidance and capital expenditure projections
In addition to affirming 2009 consolidated earnings guidance, NU today established 2010 earnings guidance of between $1.80 per share and $2.00 per share. That guidance reflects projected 2010 distribution and generation segment earnings of between $0.95 per share and $1.05 per share(1); transmission segment earnings of between $0.90 per share and $0.95 per share(1); competitive business segment earnings of between $0.00 per share and $0.05 per share(1); and NU parent and other expenses of approximately $0.05 per share(1).
NU also today projected capital expenditures of approximately $6.4 billion from 2010 through 2014, including approximately $1.1 billion in 2010. NU projects capital expenditures of approximately $960 million in 2009.
Shivery noted that the projected capital expenditures include spending approximately $1.35 billion from 2010 through 2014 to complete NU's $1.49 billion share of the New England East-West Solutions family of transmission projects, approximately $675 million for NU's share of a new $900 million proposed high-voltage direct current transmission line from Quebec to southern New Hampshire, $41 million to install 6 megawatts of solar generation in western Massachusetts, and approximately $300 million to complete a legislatively mandated wet scrubber at Public Service Company of New Hampshire's (PSNH) coal-fired Merrimack Station in Bow, New Hampshire. The scrubber project, which is expected to be 33 percent complete by the end of 2009, is expected to cost a total of $457 million.
"These projects represent a significant investment in our region to improve the reliability and diversity of New England's energy resources. They also support the region's stated policy of encouraging the development of cleaner energy sources," Shivery said.
Shivery noted that NU expects to generate increasing levels of cash flows from operations as it completes these capital projects. Cash flows from operations, after rate reduction bond payments, are projected to rise from approximately $700 million in 2009 and 2010 to $1.1 billion in 2014. NU, which raised approximately $380 million earlier this year when it sold nearly 19 million common shares in a public offering, projects only a single public common share offering of approximately $300 million over the next five years. That offering is expected to occur no earlier than 2012.
Based on those projections, NU estimates that it will be able to achieve compounded average annual earnings per share growth of between 6 percent and 9 percent for the five-year period of 2010 through 2014, using projected 2009 earnings per share as the base level. Previously, NU had estimated earnings per share growth at the lower end of an 8 percent to 11 percent range, using the $1.59 per share NU earned in 2007 as the base level. To achieve the 6 to 9 percent growth rate, NU assumes that it will achieve the capital investment projections outlined today and that regulators will allow the company to achieve a fair return on the shareholder equity it expects to invest.
2009 Results - Transmission
NU's transmission segment earned $42.8 million in the third quarter of 2009, compared with $35.9 million in the third quarter of 2008, and $120 million in the first nine months of 2009, compared with $103.6 million in the first nine months of 2008. The increases in third quarter and nine months net income in 2009, compared with the same periods of 2008, primarily reflect NU's higher level of investment in transmission facilities.
2009 Results - Distribution and Generation
NU's distribution and generation segment earned $22.5 million in the third quarter of 2009, compared with $35.5 million in the third quarter of 2008, and $120 million in the first nine months of 2009, compared with $114.9 million in the first nine months of 2008.
The Connecticut Light and Power Company's (CL&P) distribution segment earned $11.4 million in the third quarter of 2009, compared with $23.5 million in the third quarter of 2008 and $55 million in the first nine months of 2009, compared with $57.2 million in the first nine months of 2008. Lower third quarter results reflect $4.1 million of after-tax expense related to uncollectible receivable balances, as well as higher pension, depreciation, and interest expense and a higher effective tax rate in 2009. CL&P's 2008 tax rate was lower due to the benefits related to higher capital expenditures and the resolution of various tax items in the third quarter of 2008.
PSNH's distribution and generation segment earned $10.7 million in the third quarter of 2009 and $36.2 million in the first nine months of 2009, compared with $10.7 million in the third quarter of 2008 and $32.3 million in the first nine months of 2008. Higher generation-related earnings on an increased level of generation assets were offset by lower distribution-related results.
Western Massachusetts Electric Company's (WMECO) distribution segment earned $4.9 million in the third quarter of 2009 and $13.5 million in the first nine months of 2009, compared with $3.6 million in the third quarter of 2008 and $10.1 million in the first nine months of 2008. Improved third quarter results were due to the absence of a $0.8 million after-tax regulatory charge taken in the third quarter of 2008.
NU's electric sales were down 4.5 percent in the third quarter of 2009, compared with the same period of 2008, but were down only 1.0 percent on a weather-adjusted basis. Over the first nine months of 2009, NU's electric sales were down 4.0 percent compared with the same period in 2008, and down 2.2 percent on a weather-adjusted basis.
"Our electric distribution segment has been the part of our company most impacted by the economy and volatile financial markets, which have caused sales declines and rising uncollectible receivable balances and pension expense," Shivery said. "While strong cost management efforts have offset some of the impact of the economy, rate relief is pivotal to maintaining the financial health of this segment, which builds and maintains critical energy delivery infrastructure and are central to implementing many of the region's energy policies."
Yankee Gas Services Company lost $4.5 million in the third quarter of 2009, compared with a loss of $2.3 million in the third quarter of 2008. Yankee Gas earned $15.3 million in the first nine months of both 2009 and 2008. Lower third quarter results were due primarily to a $2.9 million after-tax expense related to uncollectible receivable balances. Yankee Gas firm sales were up 5.8 percent in the third quarter of 2009, compared with the same period of 2008. During the first nine months of 2009, Yankee Gas firm sales were up 8.2 percent compared with the same period in 2008 and up 4.7 percent on a weather-adjusted basis.
2009 Results - Competitive businesses
NU Enterprises, Inc. (NUEI), the holding company for NU's competitive businesses, earned $0.3 million in the third quarter of 2009, compared with earnings of $4.6 million in the third quarter of 2008. NUEI earned $11.6 million in the first nine months of 2009, compared with earnings of $8.7 million in the first nine months of 2008. Lower third quarter 2009 results were primarily due to an after-tax mark-to-market loss of $0.9 million on NUEI's remaining wholesale obligations, compared with an after-tax mark-to-market gain of $3.6 million on wholesale obligations in the third quarter of 2008.
2009 Results - NU Parent and other companies
NU parent and other companies had net expenses of $0.8 million in the third quarter of 2009, compared with $3.3 million in the third quarter of 2008. For the first nine months of 2009, NU parent and other companies had net expenses of $6.3 million, compared with net expenses of $38.3 million in the first nine months of 2008, including the aforementioned $29.8 million litigation charge.
The following table reconciles 2009 and 2008 third-quarter and first nine-month results:
First
Third Nine
Quarter(1) Months(1)
---------- ---------
2008 Reported EPS $0.47 $1.21
---- ------------ ----- -----
2008 EPS excluding impact of
$0.19/share 2008 litigation
settlement charge $0.47 $1.40
----------------------------- ----- -----
Improved transmission earnings in
2009 $0.01 $0.04
---------------------------------- ----- -----
Lower distribution/generation
results in 2009 ($0.10) ($0.04)
---------------------------------- ------ ------
Parent/Other results in 2009, ex.
litigation settlement impact $0.02 $0.01
---------------------------------- ----- -----
Improved/lower competitive business
results in 2009 ($0.03) $0.02
------------------------------------ ------ -----
2009 Reported EPS $0.37 $1.43
---- ------------ ----- -----
Financial results for the third quarter and first nine months
of 2009 and 2008 are noted below.
Three months ended:
(in millions,
except EPS) Sept. 30, Sept. 30, Increase 2009
2009 2008 (Decrease) EPS(1)
CL&P Distribution $11.4 $23.5 ($12.1) $0.07
----------------- ----- ----- ------ -----
PSNH
Distribution/Generation $10.7 $10.7 --- $0.06
------------------------ ----- ----- -----
WMECO Distribution $4.9 $3.6 $1.3 $0.03
------------------ ---- ---- ---- -----
Yankee Gas ($4.5) ($2.3) ($2.2) ($0.03)
---------- ----- ----- ----- ------
Total-Distribution/Generation $22.5 $35.5 ($13.0) $0.13
--------------------------- ----- ----- ------ -----
CL&P Transmission $33.7 $30.7 $3.0 $0.19
----------------- ----- ----- ---- -----
PSNH Transmission $5.5 $3.6 $1.9 $0.03
----------------- ---- ---- ---- -----
WMECO Transmission $3.6 $1.6 $2.0 $0.02
------------------ ---- ---- ---- -----
Total-Transmission $42.8 $35.9 $6.9 $0.24
------------------ ----- ----- ---- -----
NU parent and other
companies ($0.8) ($3.3) $2.5 ---
------------------- ----- ----- ----
Competitive $0.3 $4.6 ($4.3) ---
----------- ---- ---- -----
Reported Earnings $64.8 $72.7 ($7.9) $0.37
----------------- ----- ----- ----- -----
Nine months ended:
(in millions, Sept. 30, Sept. 30, Increase 2009
except EPS) 2009(1) 2008(1) (Decrease) EPS(1)
CL&P Distribution $55.0 $57.2 ($2.2) $0.32
----------------- ----- ----- ----- -----
PSNH
Distribution/Generation $36.2 $32.3 $3.9 $0.21
------------------------ ----- ----- ---- -----
WMECO Distribution $13.5 $10.1 $3.4 $0.08
------------------ ----- ----- ---- -----
Yankee Gas $15.3 $15.3 --- $0.09
---------- ----- ----- -----
Total-Distribution/Generation $120.0 $114.9 $5.1 $0.70
--------------------------- ------ ------ ---- -----
CL&P Transmission $98.9 $86.5 $12.4 $0.58
----------------- ----- ----- ----- -----
PSNH Transmission $14.1 $12.4 $1.7 $0.08
----------------- ----- ----- ---- -----
WMECO Transmission $7.0 $4.7 $2.3 $0.04
------------------ ---- ---- ---- -----
Total-Transmission $120.0 $103.6 $16.4 $0.70
------------------ ------ ------ ----- -----
NU parent and other
companies, excluding
litigation charge ($6.3) ($8.5) $2.2 ($0.04)
--------------------- ----- ----- ---- ------
Competitive $11.6 $8.7 $2.9 $0.07
----------- ----- ---- ---- -----
Total before litigation
settlement impact $245.3 $218.7 $26.6 $1.43
----------------------- ------ ------ ----- -----
Litigation charge --- ($29.8) $29.8 ---
----------------- ------ -----
Reported Earnings $245.3 $188.9 $56.4 $1.43
----------------- ------ ------ ----- -----
Retail sales data:
%
% Change
Gwh for three Sept. 30, Sept. 30, Change Weather
months ended 2009 2008 Actual Norm.
------------ ---- ---- ------ -----
CL&P 5,903 6,215 (5.0) (0.9)
---- ----- ----- ---- ----
PSNH 2,009 2,088 (3.8) (2.3)
---- ----- ----- ---- ----
WMECO 957 984 (2.7) 1.0
----- --- --- ---- ---
Total NU 8,866 9,282 (4.5) (1.0)
-------- ----- ----- ---- ----
Gwh for nine months ended
-------------------------
CL&P 16,814 17,501 (3.9) (1.8)
---- ------ ------ ---- ----
PSNH 5,822 6,050 (3.8) (2.7)
---- ----- ----- ---- ----
WMECO 2,749 2,903 (5.3) (3.5)
----- ----- ----- ---- ----
Total NU 25,376 26,442 (4.0) (2.2)
-------- ------ ------ ---- ----
Yankee Gas firm
volumes in mmcf
for three months ended 5,486 5,185 5.8 5.5
---------------------- ----- ----- --- ---
Yankee Gas firm
volumes in mmcf
for nine months ended 29,762 27,504 8.2 4.7
--------------------- ------ ------ --- ---
NU has approximately 175 million common shares outstanding. It operates New England's largest energy delivery system, serving more than 2 million customers in Connecticut, New Hampshire and Massachusetts.
This news release includes statements concerning NU's expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, readers can identify these forward-looking statements through the use of words or phrases such as "estimate", "expect", "anticipate", "intend", "plan", "project," "believe", "forecast", "should", "could", and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Factors that may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to, actions or inaction of local, state and federal regulatory and taxing bodies; changes in business and economic conditions, including their impact on interest rates, bad debt expense and demand for NU's products and services; changes in weather patterns; changes in laws, regulations or regulatory policy; changes in levels or timing of capital expenditures; disruptions in the capital markets or other events that make NU's access to necessary capital more difficult or costly; developments in legal or public policy doctrines; technological developments; changes in accounting standards and financial reporting regulations; fluctuations in the value of NUEI's remaining competitive electricity positions; actions of rating agencies; and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in NU's reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made, and NU undertakes no obligation to update the information contained in any forward-looking statements to reflect developments or circumstances occurring after the statement is made or to reflect the occurrence of unanticipated events.
(1) All per share amounts in this news release are reported on a fully diluted basis. The only common equity securities that are publicly traded are common shares of NU parent. The earnings and EPS of each segment do not represent a direct legal interest in the assets and liabilities allocated to such segment but rather represent a direct interest in NU's assets and liabilities as a whole. EPS by segment is a non-GAAP (not determined using generally accepted accounting principles) financial measure that is calculated by dividing the net income or loss attributable to controlling interests of each segment by the weighted average fully diluted NU parent common shares outstanding for the period. Management uses this non-GAAP financial measure to provide segmented earnings results and guidance and believes that this measurement is useful to investors to evaluate the actual and projected financial performance and contribution of NU's business segments. This release also references NU's 2008 earnings and EPS excluding a significant charge associated with a litigation settlement payment, which are non-GAAP measures. Due to the nature and significance of the litigation charge, management believes that this non-GAAP presentation is more representative of NU's performance and provides additional and useful information to readers of this news release in analyzing historical and future performance. These non-GAAP financial measures should not be considered as alternatives to NU consolidated net income attributable to controlling interests or EPS determined in accordance with GAAP as indicators of NU's operating performance.
Note: NU will webcast an investor presentation today at 7:15 a.m. Eastern Standard Time. The webcast can be accessed through NU's website at www.nu.com.
NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
(Thousands of Dollars) 2009 2008
------------------------ ---- ----
ASSETS
------
Current Assets:
Cash and cash equivalents $248,977 $89,816
Receivables, less provision for
uncollectible accounts of
$52,305 in 2009 and
$43,275 in 2008 591,469 698,755
Unbilled revenues 164,472 218,440
Fuel, materials and supplies - current 281,409 300,049
Marketable securities - current 63,887 78,452
Derivative assets - current 19,270 31,373
Prepayments and other 110,121 88,679
------- ------
1,479,605 1,505,564
--------- ---------
Property, Plant and Equipment:
Electric utility 9,563,493 9,219,351
Gas utility 1,070,950 1,043,687
Other 288,918 290,156
------- -------
10,923,361 10,553,194
Less: Accumulated depreciation:
$2,731,763 for electric and gas
utility and $129,755 for other
in 2009; $2,610,479 for electric
and gas utility and $159,639
for other in 2008 2,861,518 2,770,118
--------- ---------
8,061,843 7,783,076
Construction work in progress 561,218 424,800
------- -------
8,623,061 8,207,876
--------- ---------
Deferred Debits and Other Assets:
Regulatory assets 3,170,566 3,502,606
Goodwill 287,591 287,591
Marketable securities - long-term 55,351 30,757
Derivative assets - long-term 217,780 241,814
Other 172,380 212,272
------- -------
3,903,668 4,275,040
--------- ---------
Total Assets $14,006,334 $13,988,480
=========== ===========
The data contained in this report is preliminary and is unaudited. This
report is being submitted for the sole purpose of providing information to
present shareholders about Northeast Utilities and Subsidiaries and is not
a representation, prospectus, or intended for use in connection with any
purchase or sale of securities.
NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
(Thousands of Dollars) 2009 2008
------------------------ ---- ----
LIABILITIES AND CAPITALIZATION
------------------------------
Current Liabilities:
Notes payable to banks $325,234 $618,897
Long-term debt - current portion 66,286 54,286
Accounts payable 410,125 678,614
Accrued taxes 73,802 12,527
Accrued interest 89,165 69,818
Derivative liabilities - current 56,811 100,919
Other 173,167 168,401
------- -------
1,194,590 1,703,462
--------- ---------
Rate Reduction Bonds 503,303 686,511
------- -------
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes 1,338,979 1,223,461
Accumulated deferred investment
tax credits 22,952 25,371
Deferred contractual obligations 173,451 193,016
Regulatory liabilities 529,259 592,540
Derivative liabilities - long-term 858,306 912,426
Accrued pension 740,421 740,930
Accrued postretirement benefits 224,039 240,371
Other 426,388 430,718
------- -------
4,313,795 4,358,833
--------- ---------
Capitalization:
Long-Term Debt 4,345,028 4,103,162
--------- ---------
Noncontrolling Interest in Consolidated Subsidiary:
Preferred stock not subject to mandatory
redemption 116,200 116,200
------- -------
Common Shareholders' Equity:
Common shares, $5 par value -
authorized 225,000,000 shares;
195,400,618 shares issued
and 175,435,375 shares outstanding in
2009 and 176,212,275 shares issued and
155,834,361 shares outstanding in 2008 977,003 881,061
Capital surplus, paid in 1,758,109 1,475,006
Deferred contribution plan -
employee stock ownership plan (5,927) (15,481)
Retained earnings 1,203,603 1,078,594
Accumulated other comprehensive loss (37,767) (37,265)
Treasury stock, 19,708,136 shares in
2009 and 2008 (361,603) (361,603)
-------- --------
Common Shareholders' Equity 3,533,418 3,020,312
--------- ---------
Total Capitalization 7,994,646 7,239,674
--------- ---------
Total Liabilities and Capitalization $14,006,334 $13,988,480
=========== ===========
The data contained in this report is preliminary and is unaudited. This
report is being submitted for the sole purpose of providing information to
present shareholders about Northeast Utilities and Subsidiaries and is not
a representation, prospectus, or intended for use in connection with any
purchase or sale of securities.
NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Nine Months Ended
(Thousands of Dollars, September 30, September 30,
except share information) 2009 2008 2009 2008
------------------- ---- ---- ---- ----
Operating Revenues $1,306,173 $1,506,897 $4,124,087 $4,352,209
---------- ---------- ---------- ----------
Operating Expenses:
Operation -
Fuel, purchased and net
interchange power 611,632 801,050 2,034,151 2,286,066
Other 250,296 232,222 732,562 755,306
Maintenance 61,609 71,287 166,812 198,892
Depreciation 77,074 69,717 231,825 205,792
Amortization of
regulatory assets, net 10,542 61,386 19,194 132,186
Amortization of rate
reduction bonds 56,669 53,132 163,871 154,366
Taxes other than income
taxes 75,798 69,026 216,651 200,133
------ ------ ------- -------
Total operating
expenses 1,143,620 1,357,820 3,565,066 3,932,741
--------- --------- --------- ---------
Operating Income 162,553 149,077 559,021 419,468
Interest Expense:
Interest on long-term debt 55,733 53,111 168,191 142,333
Interest on rate
reduction bonds 8,657 12,207 28,889 38,910
Other interest 5,245 5,579 8,490 18,355
----- ----- ----- ------
Interest expense, net 69,635 70,897 205,570 199,598
------ ------ ------- -------
Other Income, Net 9,490 17,682 26,081 41,610
----- ------ ------ ------
Income Before Income Tax
Expense 102,408 95,862 379,532 261,480
Income Tax Expense 36,230 21,783 130,047 68,381
------ ------ ------- ------
Net Income 66,178 74,079 249,485 193,099
Net Income Attributable to
Noncontrolling Interest:
Preferred dividends of
subsidiary 1,390 1,390 4,169 4,169
----- ----- ----- -----
Net Income Attributable to
Controlling Interest $64,788 $72,689 $245,316 $188,930
======= ======= ======== ========
Basic Earnings Per Common
Share $0.37 $0.47 $1.43 $1.22
===== ===== ===== =====
Fully Diluted Earnings Per
Common Share $0.37 $0.47 $1.43 $1.21
===== ===== ===== =====
Dividends Declared Per Common
Share $0.24 $0.21 $0.71 $0.61
===== ===== ===== =====
Weighted Average Common
Shares Outstanding:
Basic 175,358,776 155,607,201 170,958,396 155,456,606
=========== =========== =========== ===========
Fully Diluted 175,995,506 156,097,641 171,532,913 155,904,871
=========== =========== =========== ===========
The data contained in this report is preliminary and is unaudited. This
report is being submitted for the sole purpose of providing information to
present shareholders about Northeast Utilities and Subsidiaries and is not
a representation, prospectus, or intended for use in connection with any
purchase or sale of securities.
NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30,
(Thousands of Dollars) 2009 2008
----------------------- ---- ----
Operating Activities:
Net income $249,485 $193,099
Adjustments to reconcile net income to
net cash flows
provided by operating activities:
Bad debt expense 31,519 21,341
Depreciation 231,825 205,792
Deferred income taxes 77,617 31,125
Pension and PBOP expense/(income), net of
capitalized portion, and contributions 10,197 (12,642)
Allowance for equity funds used during
construction (6,162) (23,546)
Regulatory overrecoveries/(refunds and
underrecoveries), net 42,677 (97,888)
Amortization/(deferral) of recoverable energy
costs 1,842 (5,898)
Amortization of regulatory assets, net 19,194 132,186
Amortization of rate reduction bonds 163,871 154,366
Deferred contractual obligations (20,816) (25,604)
Derivative assets and liabilities (18,519) (32,369)
Other 13,493 (2,796)
Changes in current assets and liabilities:
Receivables and unbilled revenues, net 122,700 (10,356)
Investments in securitizable assets - (25,787)
Fuel, materials and supplies 18,900 (59,554)
Other current assets (7,490) (18,962)
Taxes receivable/accrued 59,641 64,425
Accounts payable (242,179) (58,594)
Other current liabilities 13,335 (2,063)
------ ------
Net cash flows provided by operating activities 761,130 426,275
------- -------
Investing Activities:
Investments in property and plant (634,446) (951,831)
Proceeds from sales of marketable securities 182,131 195,445
Purchases of marketable securities (183,814) (197,453)
Other investing activities 4,298 3,230
----- -----
Net cash flows used in investing activities (631,831) (950,609)
-------- --------
Financing Activities:
Issuance of common shares 388,529 5,002
Cash dividends on common shares (120,647) (95,824)
Cash dividends on preferred stock of subsidiary (4,169) (4,169)
(Decrease)/increase in short-term debt (293,663) 363,187
Issuance of long-term debt 312,000 660,000
Retirements of long-term debt (54,286) (154,286)
Retirements of rate reduction bonds (183,208) (174,091)
Financing fees (15,331) (6,234)
Other financing activities 637 (1,537)
--- ------
Net cash flows provided by financing activities 29,862 592,048
------ -------
Net increase in cash and cash equivalents 159,161 67,714
Cash and cash equivalents - beginning of period 89,816 15,104
------ ------
Cash and cash equivalents - end of period $248,977 $82,818
======== =======
The data contained in this report is preliminary and is unaudited. This
report is being submitted for the sole purpose of providing information to
present shareholders about Northeast Utilities and Subsidiaries and is not
a representation, prospectus, or intended for use in connection with any
purchase or sale of securities.
SOURCE Northeast Utilities
Copyright (2009) PR Newswire. All Rights Reserved.
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